Dubai surpassed the total number of residential deals in 2022 by the end of October, with 93,590 transactions versus 92,178 last year, as fewer new off-plan projects launched by developers weighed on monthly sales, dropping 23.6% on an annual basis, Invest-Gate reports.

“Demand remains robust despite the decline in new projects,” noted Taimur Khan, head of research at CBRE, adding that off-plan uptake has reached unprecedented levels.

Dubai continues setting global expectations for surging home prices after breaking a decade-old record and seeing rental rates spike significantly following a seven-year recession that attracted diverse investors.

Off-plan demand has notably risen since 2022, with premium and prime location residences 90% sold and more than two-thirds of city properties reserved, per CBRE data.

Off-plan allows more affordable entry compared to existing homes, as most developers aim for two to three years for completion.

In a recent deal, nearly 800 homes in a new Dubai project sold within hours, generating $844 mn for backers including Aldar Properties. Phase one construction begins in mid-2024.

While median prices rose 19.1% in October, increases slowed slightly from the month prior. Rental gains also eased to 19.7% from 20.6%.